Investment behaviour, corporate control, and private benefits of control: Evidence from a survey of Ukrainian firms
Mykhayliv, Dariya Zauner, K.G.
Mykhayliv, Dariya
Zauner, K.G.
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2015
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Abstract
We analyse the impact of ownership and corporate control on firms’ investment using the 2001survey of Yacoub et al. on Ukrainian firms. The model explains investment by output, financial and soft budget constraints, and corporate control (and ownership) categories potentially enjoying private benefits of control. We find that the corporate control model fits better than the ownership model,a negative relationship between state and employee control and firms’ investment, and evidence forthe presence of soft budget constraints. A negative relationship between firms’ investment and the relative size of non-monetary transactions strengthens the conclusion of private benefits of control impacting investment.
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Mykhayliv D and Zauner KG (2015) Investment behaviour, corporate control, and private benefits of control: Evidence from a survey of Ukrainian firms. Bulletin of Economic Research. 67(4): 309-323.
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